India’s top digital payments firm, Paytm, is betting on its local expertise and a deep pool of backers to fuel business growth and fight off global rivals in a rapidly growing market, its chief executive said on Tuesday.

Paytm, which started in 2010, became a household name in the country after a ban on high-value currency notes in late 2016 led to a cash crunch and spurred the use of digital payments.

“The fight is no more about one company, it is about ecosystem players,” Vijay Shekhar Sharma, founder of Paytm’s parent One97 Communications, told Reuters in an interview on the sidelines of a private equity and venture capital conference organized by DealStreetAsia.

“If you have a standalone payments company, you definitely have an opportunity in the market. But there is a bigger game being played in the ecosystem level – there the revenue gets made or the value gets created,” Sharma said on Tuesday.

Paytm, which counts Alibaba Group and SoftBank Group Corp among its investors, is transforming into a financial services start-up with forays in banking, mutual funds and later insurance. Sharma has also started an e-commerce venture, on which payments are driven by Paytm.